While calculating an upfront fee for a customer looking to borrow $480,000 for a $600,000 property, I found that since the Loan-to-Value Ratio (LVR) exceeds 80%, the client must purchase Lenders Mortgage Insurance (LMI) through the bank. I obtained this information from the Westpac home loan calculator:https://www.westpac.com.au/personal-banking/home-loans/calculator/stamp-duty-calculator/. Although handling LMI falls within a broker’s responsibilities,… Read more